On the 10th (US local time), Qoo10 Pte. Ltd. signed a comprehensive business transfer agreement for the global service ‘Wish’ operated by ‘ContextLogic’, a US NASDAQ listed company. It was announced on the 13th that the agreement had been signed. With the acquisition of Wish, where most of the transactions take place in Europe and the United States, Q10 has further accelerated the establishment of a global e-commerce ecosystem.
Wish is a shopping platform founded in San Francisco, USA in 2010 and is currently serving consumers in over 200 countries around the world in 33 languages. We sell and deliver over 80 million types of products, and more than 10 million customers use the service every month. Wish is a ‘discovery shopping platform’ that proposes products in all categories tailored to local consumers and has built an integrated marketplace that includes local currency conversion and payment, product sales and purchase, and delivery.
“With this acquisition, Q10 and Wish will be able to provide manufacturers, distributors, sellers and buyers around the world with a comprehensive shopping platform service that can truly realize their potential in the global market,” said Q10 CEO Koo Young-bae. “Wish and Q10 Group “By combining the passion and dedication of our members, we will come closer to achieving our goal of becoming a leading ‘global digital commerce platform.’” In addition, “We want to further promote the overseas expansion of domestic sellers and products, and through this, contribute to the development of the domestic industry. “We will lead the expansion of the global e-commerce ecosystem by building a marketplace that connects sellers and consumers around the world, which is Q10 Group’s ultimate goal.”
With this acquisition, Q10 has expanded its global logistics network beyond Pan Asia, while also securing a foothold to immediately increase the number of orders worldwide and active consumers in North America and Europe. In particular, it is expected to strengthen the global competitiveness of Qxpress Pte. Ltd., a logistics subsidiary with fulfillment management capabilities specialized in e-commerce. In addition, we have been able to open a global integrated sales channel to all domestic sellers transacting with Q10’s affiliates, Timon, WeMakePrice, and Interpark Commerce, while also providing differentiated global services to domestic consumers.
Meanwhile, Wish has sellers in a wide range of categories, including living, fashion, beauty, and electronics, and operates an extensive global supply chain targeting over 200 countries around the world. We provide fourth-party logistics (4PL) services based on integrated logistics solutions to 44 countries, including Europe, the Americas, Asia, and Africa, and third-party logistics (3PL) services to 16 countries. In addition, we are implementing cross-border delivery efficiency by collaborating with over 20,000 retailers in Europe and the Americas to expand the operation of ‘Wish local’ partner stores where product pickup is possible.
Reporter Kim Hyun-joo [email protected]
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